1. A summarized budget for several levels of volume that separates variable costs from fixed costs. a. Flexible budget b. Flexible budget variance c. Sales volume variance 2. A budget prepared for only one level of sales. d. Static budget 3. The difference between an actual amount and the budgeted amount. e. Variance 4. The difference arising because the company actually earned more or less revenue, or incurred more or less cost, than expected for the actual level of output. 5. The difference arising only because the number of units actually sold differs from the static budget units.
1. A summarized budget for several levels of volume that separates variable costs from fixed costs. a. Flexible budget b. Flexible budget variance c. Sales volume variance 2. A budget prepared for only one level of sales. d. Static budget 3. The difference between an actual amount and the budgeted amount. e. Variance 4. The difference arising because the company actually earned more or less revenue, or incurred more or less cost, than expected for the actual level of output. 5. The difference arising only because the number of units actually sold differs from the static budget units.
Chapter7: Budgeting
Section: Chapter Questions
Problem 18MC: What is the main difference between static and flexible budgets? The fixed manufacturing overhead is...
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